• Fri. Jan 28th, 2022

Inditex Shares Fall 4.55% After The Appointment Of Marta Ortega

ByRoger Fisher

Nov 30, 2021

The Inditex Board of Directors has appointed Marta Ortega, daughter of the company’s founder, Amancio Ortega, as the new president of the company effective April 1, 2022, replacing Pablo Isla , who had held this position since 2011, reported the textile firm in a relevant event to the CNMV.

Marta Ortega, new president of the giant Inditex
The news, however, has not been well received. The shares of the textile group have fallen 4.55% at the opening of the Spanish Stock Exchange , which in general terms has lost 1.29% this Tuesday at its beginning, alerted by the statements of the executive director of Moderna, Stéphane Bancel, which foresees that current vaccines against the coronavirus will be less effective against the new omicron variant. Inditex’s share price is around 28 euros.

Marta Ortega Pérez has developed her activity in different areas of the group over the last 15 years and, in particular, has directed the reinforcement of Zara’s brand image and fashion proposal, an area that she will continue to supervise.

I have always said that I would dedicate my life to developing my parents’ legacy. “
“I have always said that I would dedicate my life to developing the legacy of my parents, looking to the future but learning from the past and at the service of the company, our shareholders and our clients, in the place where it is considered that I am most needed”, has declared the daughter of the founder of the Galician group.

With these changes, which will be submitted for ratification at the next shareholders’ meeting of the group, the process of generational change started in 2011 with the replacement of Amancio Ortega in the presidency of Inditex is completed.

In addition, it means the departure from Isla of a group that he has led for 17 years, first as vice president and CEO since 2005 and, as of 2011, as president, a position in which he will remain until March 31, 2022.

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